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Scottrade IRA Review
Scottrade is an online broker and by far one of the best online brokers in the market today. By comparing the services offered by this company and the fees that they charge with the services and the fees of other online brokers, it can be seen that Scottrade is certainly one of the best online…
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Maximum 401k Contribution Per Year
The 401k retirement plan is a special type of account funded through pre-tax payroll deductions, where the funds can be invested in a number of places (for example stocks, bonds or even assets as chosen by the employee) and the interest earned by such funds is not taxed until they are withdrawn. The employer manages…
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Best IRA Funds
An investment into an Individual Retirement Account, commonly known as IRA, would not be beneficial if it was just made without first pursuing the best IRA funds available in the market. By IRA funds we mean the options that are available in the market through which an individual can make the necessary investment as a…
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SUTA Tax
What is SUTA tax? SUTA stands for State Unemployment Tax Authority. It is a tax scheme begun by the state governments where employers are required to pay SUTA tax for their employees without deducting any amount for the same from the employees’ salary or wages. Normally the SUTA tax rate for an individual employer is determined…
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FICA Withholding
Every employed person in America has to pay the Federal Insurance Contribution Act tax commonly known as FICA tax. FICA withholding is done on the employees’ wages or salary where a deduction of a certain percent is made per annum usually 15.3 %. This deduction on the employee’s salary must be marched by the employers’…
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FICA Tax
FICA is the acronym for Federal Insurance Contribution Act. This tax is imposed by the United States Federal government to employees as well as employers in order to fund Social Security and Medicare. However, most people refer to it as FICA. It is the tax collection mechanism for social security. FICA tax is used to…
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What is an IRA?
There are many people who ponder on the question “what is an IRA?”. IRA is an umbrella term that is used for all retirement plans that provide tax advantage for retirement savings in the United States. IRA itself stands for individual retirement account or it could even mean individual retirement arrangement. These tax saving plans…
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RRSPs vs TFSAs
Let me ask you this; is a Registered Retirement Savings Plan (RRSP) really the best savings plan for you? With RRSP, contributions are tax-deductible, and growth with gains is also tax-free. You will only be subject to tax when you take money out and the incurred taxes will be calculated based on your income tax…
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Roth IRA Conversions
There are some who are familiar with how Net Unrealized Appreciation (NUA) works as per relationship with the company stock owned by their 401(k) and some, sadly, are not familiar with it. As a brief explanation, you can take out funds from your 401(k) and rollover everything except the company stock (your company) to an…
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401a Plan
The 401a plan is a money purchase retirement plan that is set up by the employer. This plan allows for both employers and employees to contribute towards the account. The contributions to this plan can be made either on a voluntary or mandatory basis. The mode of contribution (voluntary or mandatory) is decided by the…
